It will not work this time. There will be a dead cat bounce. I am recommending to my love ones and friends to sell their equities into this dead cat bounce, and reallocate to bonds and cash. There is no risk reward ratio at this point; only risk. This "correction" will happen again, in preparation for a large event.
The market is self organizing to a point of criticality and will be susceptible to a six sigma volatility event "caused" by an unforeseen event.